LHG(600186) 华鑫证券·2024-07-23 03:00Investment Rating - The report maintains a "Buy" rating for the company [3][10] Core Views - The company has shown impressive performance with significant increases in both revenue and profit, attributed to effective cost reduction and efficiency improvement measures [3][10] - The company is actively expanding its main business channels and successfully advancing its computing power segment, which is expected to enhance profitability [10] - The stock option grants have been successfully implemented, reinforcing the certainty of achieving growth targets [10] Summary by Sections Performance Highlights - The company reported a forecasted net profit of 1.01-1.10 billion yuan for H1 2024, representing a year-on-year increase of 101%-119% [3] - The expected net profit for Q2 2024 is projected to be 0.52-0.61 billion yuan, with a growth rate of 77%-108% [3] Revenue and Profit Forecast - The company anticipates a main business revenue growth rate of no less than 30% in 2024 and 45% in 2025 [9] - The forecasted net profit for 2024 is 235 million yuan, with a growth rate of 80.5% [12] Stock Options and Incentives - The company granted 1.7407 million stock options and 1.7407 million restricted stocks to 22 incentive personnel, with an exercise price of 3.48 yuan per share [10] - The stock option cost amortization for 2024-2026 is projected to be 16.17/27.95/9.44 thousand yuan [9] Financial Metrics - The projected EPS for 2024-2026 is adjusted to 0.13/0.17/0.23 yuan, with corresponding PE ratios of 26/20/15 times [10] - The company’s ROE is expected to increase to 15.3% in 2024 and 17.2% in 2025 [12]